It’s time for yet another installment of Money Magazine’s recommended money moves for 2006. Today it’s three tips related to your job…
(1) “Don’t ask for a big raise.” Instead of asking for a big raise, Money recommends asking for a bonus instead. I’ve actually heard that there is a growing trend toward rewarding high quality workers with bonues rather than raises, so you may be more likely to score some extra cash by following this advice. Then again, bonuses are here today, and gone tomorrow, so a raise would give you much more stability.
(2) “Get a better gig.” According to recruiters, the following fields will be hot in 2006 and beyond:
Retirement planning: Aging boomers need financial advisers and tax lawyers.
Health care: Constant change means work for benefit-plan administrators and information technology specialists.
Auditing: Increased scrutiny of corporate books requires more accountants.
So if you’re looking to make a switch, think about these fields. And if you’re already in one of these fields, now may be a good opportunity to negotiate a better deal for yourself.
(3) “Get an M.B.A. on the IRS.” There’s no better way to improve your lot in life than to improve your credentials. And a recent tax ruling means that you may be able to deduct the costs associated with earning an MBA. In short, you can deduct your tuition, but only if the degree “improves and enhances” your ability to perform the job that you already have. Note that you don’t have to stay at your current company to take advantage of this, but you’ll lost the tax break if you quit to go to school full time, or if you use your new MBA as a springboard for switching careers.